- I just want to say THANK YOU to the other agents who have submitted reports about this company. They only confirm what I felt at 4:00 a.m. this morning when I submitted my request for termination of contract to Senior Life Insurance Company. I learned about this company 2 weeks ago during a phone conversation with a friend who had just joined. I was already looking to make a move. I spoke with the regional manager and learned about their casket program. I thought, what agreat idea. I immediately left my current position and began training with Sr. Life. I became skeptical when I saw they not only wanted me to pay my appointment fee and background but also wanted me to pay for initial supplies. I thought that was the least they could do if they wanted me to spend my time training and buying supplies I would need to do the job. My friend gave me 3 applications and I did not press the issue for supplies. I paid the fees a week after I signed up and became appointed. Since their contract signing is online, I initialed and signed everything and had to call home office to request hard copies. No problem. Then I asked the RVP for the compensation schedule and found I had a top commission of 85%. Also, he had told me Sr. Life pays lifetime renewals. The commission schedule showed they pay lifetime renewals on only 2 of their products. So that was a lie. The next day I got a revised commission schedule dropping my comission to 80%. The renewals are so small I really could not count on them to live on. After training I realized the mandatory disclosure to seniors in CA had not been discussed. I contacted the RVP alerting him to this. I thought maybe he didn't know about it. To my surprise, he said "It's not part of our program." I asked myself, how can a form that is required by CA law not be part of their program. A few days later I was informed by the same RVP that if I ever closed a deal using the free look period, I would be fired. I wondered how I could be fired when I am not an employee. The best they could do was terminate my contract. And, again, the free look period is usually disclosed to the client at the time they enroll in the policy. So where is all the fear coming from? I have been in the insurance business for 25 years. Neither the "free look" clause nor the mandatory disclosure form have caused someone to not make a purchase and stay on the books.
I have hever had a company demand that I break the law or I will be 'fired." I guess that was the straw that broke the camel's back. I was promised "old" leads to get me started but I wasn't expecting leads that were close to 3 years' old. Since another CA law prohibits us from calling anyone after 18 months of the initial contact, my only way to reach these people was door-to-door. That's only because I am honest. Other agents just go ahead and call. I was going to used earnings from these old leads to finance my lead costs but realized I may never make a sale. I met with a family Saturday and the cost for this 83 year old man for $10,000 was $275 per month. The family expressed they had recently purchased a $10,000 policy from American General for only $139/month. That is the end of my story about Senior Life Insurance Company. I am so happy I went ahead and terminated with them. My Spirit was telling me this was the wrong time and this time I listened.
Thanks again guys for posting. If I had any doubts, I now know for certiain I was right. The only other company that asked that I pay fees in advance was FFG Life. They, too, have plenty of rip off reports and bad reviews of ripping off agents.